HomePublicationsCurrent NewsletterVolume 24Issue 16MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR APRIL 2018

In a press release dated May 7, 2018, the Michigan Gaming Control Board (“MGCB” or “Board”) released the April 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $124 million in aggregate revenue for April 2018, a 2.5 % increase from the same month last year. The results were 10.5 % below  the monthly revenue record of $138.6 million set in March 2018.

Please see the linked  State of Michigan official financial report.

Revenue increased at MGM by 3.2 % to $51.2 million. MotorCity recorded a revenue increase of 3.7 % to $43.7 million. Greektown revenue decreased by 0.5 % to $29.1 million compared with April 2017 results.

The April 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 41%, 35% and 24% respectively.

During April 2018, the three Detroit casinos paid $10 million in gaming taxes to the State of Michigan, compared with $9.8 million for the same month last year. The three casinos reported submitting $14.8 million in wagering taxes and development agreement payments to the City of Detroit in April.

All three casinos are subject to a wagering tax of 19%, with 10.9% of this levy payable to the City of Detroit and 8.1% payable to the State of Michigan.

The figures released by the Board are the gross receipts less winnings paid to wagerers. The figures do not include: 1) any fees or other relevant city, state or federal taxes; 2) wages and benefits paid to casino employees; 3) payments to suppliers, services providers or vendors; nor 4) other normal business expenses.

 

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